Executive Benefits

Assisting business owners with customized solutions to meet their needs.

The McConkey Executive Benefits team assists our business owner clients with an array of needs including customized benefits to retain and reward top talent, recruit top-notch professionals, provide valuable income protection to key employees, as well as solutions for succession planning, insurance needs associated with the demands of the business, and personal insurance needs.

EXECUTIVE BONUS PLANS

Incentive plan using Life Insurance, offering key employees multiple benefits:
- Tax-deferred life insurance policy cash value
- Death benefit protection for named beneficiaries
- Provides an additional source of future income
Helps top talent increase their savings for the future, while helping business owners reward and keep them for the long term
Employer contributions are tax-deductible

KEY PERSON INSURANCE

An efficient way to provide a business owner with the funds necessary to handle the untimely death of a key employee and recruit and train a replacement

Provides cost-effective liquidity to help the business function after losing a key employee

Provides access to cash values during the life of the policy that may be used for various business needs, including formally financing executive benefits programs

Low-cost term or permanent policies may provide significant death benefits

BUY/SELL AGREEMENTS

A blueprint for the planned and orderly transfer of a vested business interest

Buy/Sell agreements can be set up to cover multiple events, such as death, retirement/resignation/termination, disability, and others

Requires active funding; life insurance is the predominant funding vehicle

LINKED BENEFIT SOLUTIONS (LIFE INSURANCE/LTC)

Alternative LTC solutions linked to life insurance (fixed annuity options available also)

Provides guarantees that traditional LTC cannot:
- Great leverage on assets
- Premiums never increase
- Benefits never decrease
- Death benefit is available if policy not used for LTC
- Some policies offer return of premium options
Good for business owners or as key employee benefits

LIFE INSURANCE WITH CHRONIC & TERMINAL ILLNESS PROTECTION

Many permanent (and some term) life insurance policies offer riders that will pay at least a portion of the benefits in the event of a qualifying chronic, critical, or terminal illness.

LIFE INSURANCE RETIREMENT PLAN (LIRP)

Some permanent life insurance policies can be structured to maximize cash value growth for the purpose of tax-free retirement income.

DISABILITY INSURANCE / INCOME REPLACEMENT

Disability is a key component of planning for business owners and can help with the following needs in addition to planning for employee benefits:

Executive Disability Carve-Out – for high income earners capped out on group disability plans, offers an additional discriminatory Guaranteed Issue benefit, usually employer paid